Prime Minister and Minister for Finance Lawrence Wong is set to unveil Singapore’s Budget 2025 statement in Parliament on 18 February 2024. This eagerly anticipated event will be broadcast live across television, radio, and online through the Singapore Budget website.
Public Engagement Opportunities
The Ministry of Finance (MOF) invites citizens to engage in the budgetary process. The public can share their views through the REACH Budget 2025 microsite, which will remain open until 12 January 2025. In addition, a physical Listening Point will be established at One Raffles Place on 16 January 2025.
Collaborative Efforts with the Community
MOF is partnering with the People’s Association to create both digital and physical touchpoints, encouraging Singaporeans from all walks of life to participate in shaping the nation’s financial priorities. This initiative aims to foster open dialogue and gather diverse opinions.
Budget Preparation Process
The Budget process commences at the beginning of the financial year in April. Throughout the year, MOF engages in discussions considering national priorities and financial viability.
- Feedback is gathered through both online and offline channels.
- The Cabinet reviews and approves the final Budget.
- Parliament debates the Budget statement, followed by a Committee of Supply examination of each ministry’s plans.
After thorough deliberation, the Finance Minister presents the second and third readings of the Supply Bill, which, upon presidential assent, becomes the Supply Act governing government spending for the forthcoming financial year.